Know all about Delhi\'s Land Pooling Policy

After urbanisation and Smart Cities, ‘Land Pooling Policy’ is another buzzword in the Delhi real estate market. The meaning is unknown to many. What does it mean to a common man looking for a decent residential accommodation? What will the land owner get in return? How does it function? What will be the impact of policy on the real estate market? Who all are involved and what are their roles? What are the legal issues involved? And the queries go on. To understand some of these refer to the below:

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What is Land Pooling?

Land Pooling means land parcels owned by individuals or group of owners legally consolidated by transfer of ownership rights to the designated Land Pooling Agency, which transfers the ownership of the part of land back to the landowners for undertaking development for such areas, as per the provisions of the Delhi Development Act 1957 and the prescribed procedure.
The Ministry of Urban Development sanctioned the Land Pooling Policy on September 5, 2013, aiming at preventing acquisition of land without the owner’s consent. The move was also aimed to make the tedious process of land acquisition simpler and transparent in Delhi.

What will you get?

As per the policy, a landowner who gives 20 hectare of his land would receive 60 per cent of his pooled land back post development. Those offering between 2 and 20 hectare for development will receive at least 40 per cent of their land back. The remaining land would become DDA’s property and be built upon as per the Master Plan 2021.

Source:http://content.magicbricks.com/industry-news/delhi-ncr-real-estate-news/know-all-about-delhis-land-pooling-policy/79776.html